Oil Company Shares Gain As Global Crude Oil Falls

On Friday morning, shares of Oil Marketing companies were trading in the upper level after Brent Crude oil along with WTI, declined below its key level of USD66 per bbl and USD56 per bbl, respectively.

The fall in Crude oil prices were followed after the Energy Information Admn reported a smaller than estimated declines in the U.S crude inventories. According to Energy InfoAdmn, the US crude stockpiles slumped about 300,000 barrels last week.

Additionally, assumption regarding the global economic slowdown on account of the U.S China trade conflict also kept crude oil prices under stress.

Consequently, during mid-morning update, shares of Indian Oil Corporation (IOC) gained 3.09% while Hindustan Petroleum Corp (HPCL) rose 2.96%, and Bharat Petroleum Corp (BPCL) rose 2.15% each.

Meantime, benchmark indices upbeat with Sensex touching at 40,084-level up 252-pts and Nifty spurted 12026-level up 80-pts.

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